HDFC Life jumps over 9% in five days

HDFC Life Insurance Company rose 1.40% to Rs 618, extending gains for the fifth trading session.

Shares of HDFC Life Insurance Company have risen 9.1% in five straight trading sessions from its recent closing low of Rs 566.45 on 30 December 2022.

On the BSE, 2.06 lakh shares were traded in the counter so far compared with average daily volumes of 1.15 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 679.05 on 18 January 2022. The stock hit a 52-week low of Rs 497.30 on 8 March 2022.

The stock outperformed the market over the past one month, rising 5.3% compared with 4.78% decline in the Sensex.

The scrip outperformed the market in past one quarter, surging 16.7% as against Sensex's 2.77% rise.

However, the counter had underperformed the market in past one year, declining 4.47% as against 0.39% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.967. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 565.90, 558.48 and 557.56, respectively. These levels will act as crucial support zones in near term.

HDFC Life Insurance Company is a joint venture between HDFC, India's leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company. HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health.

On consolidated basis, the insurance company's net profit rose by 19.3% to Rs 329.02 crore on 11.9% increase in total income to Rs 23,170.03 crore in Q2 FY23 over Q2 FY22.

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